Compton Hardware, a Washburn SBDC success story

The KSBDC assisted Compton Hardware in the following areas:

Initial business acquisition and bank financing in 2001.
In depth financial analysis and review prior to reopening in 2003
Business plan, cash flow and financial projections for bank loan to reopen in 2003.
Quickbooks POS recommendation
On-site visits and follow-up support

2006 Existing Business of the Year
Name of Business	Compton Hardware
Nature of Business	Retail lumber and hardware
Owner	Mark & Lisa Compton
Location	326 E. 15th Street, Horton, Kansas
County	Brown County
Phone	785-486-3726
Business Structure	Sub Chapter S Corporation
Employees at Start Up	3
Employees in 2006	2 FT & 6 PT
Source of Initial Capital	Union State Bank
KSBDC Counselor	Washburn University KSBDC Staff

Enterprising entrepreneurs often turn potential disasters into opportunities. Mark and Lisa Compton faced that challenge when fire destroyed their hardware business in 2002. They had just acquired the business the previous year. After extensive financial review and even gloomy financial projections by consultants of the Washburn SBDC, the Compton again decided to again pursue their dream. With passion, drive and determination, Mark and Lisa re-opened and rebuilt the Compton hardware business.

With a new business plan and financing to re-build and replace inventory the Comptons made the best of starting over. This time they partnered with Blish-Mize, a wholesale hardware distributor based in nearby Atchison, Kansas. Current inventory mix is based on what is needed and what sells in a smaller rural market. A new recordkeeping system/inventory management software was installed, QuickBook Point of Sale. Quickbooks provided a much more cost effective option over other industry programs. The Comptons were one of the first businesses in NE Kansas to use Quickbooks POS and have been a model to other businesses to consider this software option.

Mark and Lisa spent many sleepless nights during the first year of re-opening. Their sales growth has exceeded expectations. They attribute this success to great customer service that big box stores such as Home Deport and Lowe’s are not able to provide. A personal relationship is developed with each customer as they walk through the door. Every month they meet with their CPA accountant to review financial records and expenses of the business. New product lines are continually added and some items that do not sell are removed from the shelves. Long-term employee staffing has become a concern. With increased future sales, the Compton’s hope to add several new employees to ease some of the hours they work and give them more time enjoy the success they have created.